![]() said it had signed up 110 growers in 2021 to its carbon program and reached 160 in 2022, on par with its goal. The number of farmers signing contracts to participate in a company’s carbon market was flat at about 1% from January 2021 to August 2022, according to surveys of hundreds of farmers conducted by agronomists at Purdue University.Īgriculture executives said their farmer sign-ups are on track or exceeding expectations. farmers surveyed by McKinsey in 2022 said they participated in a carbon program, and more than 50% of farmers said an unclear return on investment was one of their top reasons for not participating. Agriculture companies said that farmers will share in proceeds from the sale of carbon credits. ![]() The market for carbon credits overall, including forestry and other carbon-capture projects, could reach $50 billion by 2030, according to a 2021 study from consulting firm McKinsey & Co. Carbon programs also give companies a potential new revenue stream, as they project farm-generated carbon offsets will draw demand from food manufacturers, airlines and tech companies seeking to offset their own carbon emissions. The agriculture industry, which has come under increased environmental scrutiny in recent years, has said that paying farmers to maximize those natural processes can help make them part of a potential solution. Soil can retain the carbon for years if left undisturbed. The idea is to harness natural processes to turn farmers’ fields into carbon sinks : Plants withdraw carbon dioxide from the air and combine it with water and sunlight to produce energy through the process of photosynthesis, which embeds carbon in the dirt through the plants’ roots. are developing systems that aim to create a farming-driven carbon market. Edgington, chairman and a former president of the National Corn Growers Association.Īgriculture industry giants including Bayer AG, Nutrien Ltd., Corteva Inc. “At the current economics, it will be a real challenge to grow," said Mr.
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